Oman's Bank Muscat raising $500 mn through syndicated loan, say source

24/02/2017 11:04 AST

Bank Muscat, Oman's largest bank by assets, is raising $500 million through a syndicated loan, banking sources familiar with the situation said on Thursday.

The three-year loan refinances a $600 million facility maturing in March that the Omani lender raised in 2014. Bank Muscat's refinancing facility offers an all-in pricing of 170 basis points over the London Interbank Offered Rate. The pricing comprises a 1.55 percent interest margin plus 45 basis points in banks'upfront fees, said one of the sources. Bank ABC and National Bank of Abu Dhabi are coordinating the facility, a second banking source said. Earlier this year pricing talks between the Omani lender and international banks were in the region of 185 basis points all-in, sources told Reuters at that time. Bank Muscat raised a $315 million, three-year facility in May last year. That loan offered an all-in pricing of 200 basis points.


Reuters

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